New Delhi: The Enforcement Directorate has attached properties worth ₹538.05 crore linked to Jet Airways and the Naresh Goyal family, under the Prevention of Money Laundering Act, 2002. The agency has seized 17 residential and commercial properties belonging to several companies and individuals, including Naresh Goyal, his wife Anita Goyal and son Nivaan Goyal. These properties are situated in London, Dubai and India.
“The attached properties include 17 residential flats/bungalows and commercial premises in the name of various companies and persons viz. M/s Jetair Private Limited, M/s Jet Enterprises Private Limited, founder Chairman of M/s Jet Airways (India) Limited (JIL) Naresh Goyal, his wife Mrs Anita Goyal and son Nivaan Goyal situated in London, Dubai and various States of India,” it said in a release today.
The Enforcement Directorate had initiated the money laundering probe based on an FIR registered by the Central Bureau of Investigation (CBI) after a written complaint by Canara Bank. The public sector bank had accused JIL and its promoters and directors of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct.
The agency said in its release that the Enforcement Directorate’s investigation has revealed that JIL siphoned off the loans granted by a consortium of banks led by SBI and PNB.
The agency accused Goyal of diverting the funds.
“Naresh Goyal implemented a massive financial fraud in which the funds of JIL were systematically diverted in the garb of irrational and inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting of loans to JetLite Limited (100% subsidiary to acquire Air Sahara), and subsequently writing off the loans by making provisions in the balance sheets,” ED said in its statement.
“ED investigation established that GSA commissions were wrongfully paid to Jet Air Private Limited (GSA of JIL for India), Jet Airways LLC Dubai (Global GSA of JIL) and JIL wrongfully paid for the operational expenses of these GSAs. All these GSAs were beneficially owned by Naresh Goyal. Hence, the management of JIL toed the line of Naresh Goyal, and kept on paying large sums of money on regular basis despite the fact that these entities were not performing any substantial service after 2009,” the agency added.
It accused Naresh Goyal and his family of using the funds for personal expenses and investments.
The agency arrested Naresh Goyal on September 1 under PMLA. It filed a charge sheet against the businessman on Tuesday.
He is currently in judicial custody and lodged at the Arthur Road in Mumbai.
The Canara Bank has alleged it had sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of ₹848.86 crore, of which ₹538.62 crore was outstanding.
ED said Goyal had created various trusts abroads and bought immovable properties using these trusts. It said he allegedly bought movable and immovable properties in India and abroad.
The agency claimed Goyal had named Hasmukh Gardi, a resident of the United Arab Emirates, to whom he had given the power of attorney. Gardi hasn’t answered the summons sent by the BJP so far.